Reserv – a leader in AI-driven insurance claims processing – recently announced the closing of its $20 million Series A round of financing to expand its generative AI claims data analysis tools. This latest funding round was co-led by Altai Ventures and Bain Capital Ventures (BCV) with participation from 8VC, Outpost Ventures, Convex Group, AXIS Capital, Anthemis Ventures and Arch Capital Group.
Through Reserv, customers are seeing a sustained reduction in cycle times for property claims and auto claims in the magnitude of 1.6x to 2.6x, and this funding will enable the company to extend these results to additional customers. And Reserv helps managing general agents (MGAs) and insurance carriers improve claims handling and increase data availability for greater efficiency and accuracy.
The company grew ARR over 50x in the past year, making critical claim information available in real-time through multiple large language model (LLM) generative AI tools feeding automated workflows. And Reserv offers a data advantage for MGA and carrier partners with claim files leveraging AI-generated insights that alert claims leaders and underwriters of anomalies immediately as they are identified.
MGAs and carriers are utilizing the data benefits of Reserv for:
- Claim handling needs – Reserv’s TPA arm has deployed automated rollover technology that syncs historical and in-flight claims, automated bordereau generation and analytics, and configurable process workflows, thus enabling carriers to launch and iterate processes quickly.
- Analyzing open or historical claim files – Carriers utilize Reserv’s technology platform as a SaaS tool to surface actionable recommendations to handle data anomalies with Reserv’s LLM technology, coupled with the backbone of a full claims data model.
With over 70 employees across the US and the UK, Reserv customers represent almost every property and casualty line of business including commercial auto, business owners policy, general liability, professional lines, medical malpractice, and more. And Reserv is licensed and live across the US and the UK for all non-workers compensation property and casualty claims.
KEY QUOTES:
“Insurance carriers are realizing that a TPA using modern technology can deliver outsized benefits relative to TPA incumbents burdened by legacy home-grown software. We are enabling the best talent in the industry to focus on the customer experience while leveraging AI to ensure a consistent and scalable organization.”
- CJ Przybyl, co-founder and CEO of Reserv
“Reserv is one of the fastest growing insurtech startups we have seen at this stage – they are an example of launching a startup at the right time, in the right space, with the right partners, and with the right team.”
- Matt Harris, Partner at Bain Capital Ventures (BCV)
“It is hard for an insurtech startup to build a modern TPA from scratch. This requires significant industry knowledge, a combination of highly experienced claims experts and technology leaders, and a subset of forward-thinking initial customers to train the models and iterate on operational frameworks. We believe Reserv has achieved this and, as a result, has created a significant moat. We are excited to work alongside the Reserv team on this next phase of growth.”
- Oleg Ilichev, Managing Partner at Altai Ventures
